Average Australian home loan customer is 31
Article by Mozo
The average age of people logging on to compare home loans for the first time has risen in the past few decades.
According to the Sydney Morning Herald, a new survey conducted by mortgage insurance provider Genworth has shown that the typical first-time buyer is now 31, compared to 25 in the 1970s.
The results indicate that Australians are leaving it much later before they take the plunge into taking on debt – underscoring the current problem of high house prices that are reducing affordability.
Alan Shields, a research director at Retail Finance Intelligence, told the newspaper: "The average age of a first-home buyer is increasing in Australia. Does that mean in 2040, the average age of the first-home buyer is going to be 38 or 39? Quite possibly."
Morgan Stanley economist Gerard Minack recently told BBC News that the property market in Australia is over-valued but "a collapse is unlikely", which may comfort people looking to compare home loans.